Core Viewpoint - Morgan Stanley reports that the recent decline of approximately 6% in the stock price of Minth Group (00425) is attributed to market concerns over new tariffs on various Chinese imports, including automotive parts and steel, approved by the Mexican Senate, with rates reaching up to 50% and set to take effect in 2026 [1] Group 1: Impact of New Tariffs - The new tariffs are expected to have a limited impact on Minth Group due to over 15 years of operational experience in Mexico and established local material procurement to comply with USMCA regulations [1] - Management anticipates that localized production will mitigate cost pressures, thereby alleviating risks associated with tariff increases [1] Group 2: Compliance and Production Capabilities - The potential 5% tariff increase on imports from Mexico by the US is also expected to have a minimal effect, as all of Minth's production in Mexico adheres to USMCA standards [1] - Minth Group operates over 50 production bases across North America, the EU, and 15 countries in Asia, leveraging more than 16 years of experience in managing overseas factories, positioning the company favorably in a de-globalization context [1]
小摩：料敏实集团(00425)受墨西哥新关税影响有限 予“增持”评级